Q: How does Miller work with local intermediaries?

AT: We often talk about the pressures and expectations that our intermediary partners, which include retail and wholesale brokers, and MGAs, face to deliver competitive results with high quality and timely service. We understand that the service we deliver is key to how they perform for their clients. We are absolutely focussed on high levels of communication with our partners and consistently delivering the very best terms available. 

With an insurance market that is constantly changing and adapting, continuous engagement throughout the policy year, and not just ahead of renewal, is a fundamental element of our service. We believe our partners should be kept fully up to date with changes in the market when they happen, so they can in turn communicate and manage expectations with their clients. 

Q: Tell us about this partnership model.

AT: We treat all of our intermediary relationships as partnerships. That’s how we believe best results are achieved. We work together, giving them a resource of market knowledge and the risk expertise we’ve built up over decades. Our goal is to develop a seamless and true partnership between the intermediary, where appropriate with their policyholder client, ourselves and the market.

We also have the freedom of choice to work with any likeminded intermediary and no Miller operations on the ground in North America, so conflicts of interest aren’t a concern or barrier to working together. Our focus is solely about supporting our local intermediary partners to help them retain and grow their business. 

Q: So how do you support local intermediaries with their clients?

AT: Several ways. One is to conduct policy and pricing reviews. For example, a US producer was recently prospecting an oil and gas client. We engaged with the broker and their process, and leaned on our broad knowledge about the risks faced by that type of company as well as the current state of the energy insurance market. In doing this, we were able to provide recommendations and ideas on structure and pricing, which ultimately led to them winning the business and partnering with us to place in London.

Q: How else?

AT: Another area where we are strong is in the building of market facilities, which grant capacity, broad and consistent coverage, and placement efficiency. For example, we’ve just set up a new cross-industry facility for contractors’ plant & equipment, which has helped clients place business that falls outside of typical energy portfolios. Of course when the fit isn’t right, we take the risk to specialist leaders in the open market, but most often the flexible structures, significant limits, and respected leadership from Lloyd’s means our facilities serve clients exceptionally well. It lets producers, marketing teams and account executives get answers to their clients very quickly.

Miller Energy facilities for North American insureds

• Upstream energy for onshore and offshore risks | $75m limits for OEE and no limit for PD
• General liability – exclusive to Miller | Up to $5m limits for primary & umbrella layers and $5m – $10m for excess layers where attaching above $10m but within first $25m
• Contractor’s plant & equipment | $10m limits, minimum premiums of $50,000